Spend Insights - A Year in Perspective: How the Pandemic Has Altered Spend and Introduced Risk

The pandemic disrupted business practically overnight last March, mandating remote work and grounding nearly all travel. While 60% of financial leaders are optimistic about the economic outlook, many have lingering concerns about operating in the new normal -- especially with the continuation of remote work. And rightly so. With an entire year of perspective, it’s apparent that the abrupt shift to remote work in Q2 2020 has been a primary driver of spend patterns that introduced new types of risk. This is especially concerning as 47% of companies stated they’ll continue full-time remote work on a permanent basis. In this report, we review what we’ve uncovered about changing spend patterns and behaviors over the past 12 months and highlight two expense types organizations should closely monitor to manage risk effectively no matter what lies ahead.